Court Documents Expose Trump Actually Knew His Manhattan Penthouse Was Only A Fraction Of The 30,000 Square Feet He Claimed — CFO Says Size Was Too Trivial To Be Concerned Considering Trump’s $5 Billion to $6 Billion Net Worth
Former President Donald Trump has been embroiled in numerous controversies over the years. One of the more intriguing allegations recently brought to light concerns the size of his penthouse at Trump Tower in New York.
New York Attorney General Letitia James has put forth several allegations against Trump, accusing him of misleading information to inflate the value of his assets for better financial benefits. Among these, a particularly interesting one revolves around the size of his Trump Tower penthouse.
Join the ranks of investors like Bill Gates and Mark Cuban by tapping into early-stage startups. Get the inside scoop on this innovative startup here.
Until 2016 it was illegal for retail investors to invest in high-growth startups. Thanks to changes in federal law, this Kevin O’Leary-backed startup lets you become a venture capitalist with $100.
In the past, Trump has stated in bank documents that his triplex is a sprawling 30,000 square feet. However, recent evidence suggests that this number is a vast overestimation. In reality, the triplex is only around 10,996 square feet, which is roughly one-third of the figure Trump quoted.
A 1994 document was introduced during the cross-examination of the former Trump Organization Chief Financial Officer Allen Weisselberg. This document, signed by Trump, confirms the penthouse’s size to be just under 11,000 square feet. The discrepancy in square footage is significant, given that such figures play a crucial role in assessing property value, which in turn can influence loan terms.
Weisselberg, in his defense, played down the significance of the penthouse’s size. “It was not something that was that important to me when looking at a $6 billion, $5 billion net worth,” he said.
He also stated that the inaccuracy in the apartment’s value was “de minimis” — a Latin phrase often used in legal contexts to indicate something is too insignificant to merit attention. But this viewpoint does not explain why there was a need to inflate its size in the first place.
Trending: Elon Musk and Richard Branson explore early-stage startups. Don’t miss out on this exciting investment opportunity just like these visionaries.
In a twist, Weisselberg revealed that he was first made aware of the discrepancies in the size of Trump’s penthouse by a Forbes magazine reporter in 2016. Although he initially disagreed with the publication’s findings, Weisselberg couldn’t recollect any follow-up actions to validate the correct size. Emails from 2017 hint at The Trump Organization’s reluctance to clarify the penthouse’s exact size when questioned by Forbes.
Amid the controversy surrounding Trump’s alleged misrepresentation of the size of his penthouse there lies an important lesson for the savvy investor. The art of valuation, whether of luxury penthouses or promising startups, demands accuracy, transparency and an eye for the unseen.
In the real estate market, for example, short-term vacation rentals have surged in popularity. While a penthouse in Trump Tower might be out of reach for many, a well-located apartment for short-term leasing can be a gold mine. The key is in the details. Accurate representation, be it in square footage or amenities, can make all the difference in luring travelers seeking a home away from home. Misrepresentation, as highlighted by the Trump Tower controversy, can lead to costly legal battles and tarnished reputations.
In the context of upholding integrity and efficiency, platforms like Jurny come into play. They exemplify how technology can mitigate human error and enhance operational efficiency. By streamlining the operations for both hotels and short-term rental hosts, Jurny ensures that hosts can provide accurate and top-notch services, preserving their reputation in an increasingly competitive market.
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Court Documents Expose Trump Actually Knew His Manhattan Penthouse Was Only A Fraction Of The 30,000 Square Feet He Claimed — CFO Says Size Was Too Trivial To Be Concerned Considering Trump’s $5 Billion to $6 Billion Net Worth originally appeared on Benzinga.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.